Penns Woods Bancorp, Inc. Announces Stock Repurchase Program
Rhea-AI Summary
Penns Woods Bancorp's (NASDAQ: PWOD) Board of Directors has authorized a new stock repurchase program. The plan allows repurchase of up to 5% of outstanding shares, equating to about 376,000 shares, over a one-year period ending May 31, 2025. This new program replaces the existing one that expires on May 31, 2024. Repurchases can be made at market prices, through block trades, or privately negotiated transactions based on market conditions. The program is non-binding, meaning the company is not obligated to buy back any specific number of shares and can alter or terminate the plan at any time. Penns Woods Bancorp is the parent company of Jersey Shore State Bank and Luzerne Bank, which together operate multiple branches in Pennsylvania and provide a range of financial services.
Positive
- Authorization to repurchase up to 5% of outstanding shares, totaling approximately 376,000 shares.
- The repurchase program replaces the expiring one, providing continuity in stock management.
- Flexibility to make repurchases at prevailing market prices, block trades, or privately negotiated transactions.
- Potential shareholder value enhancement through reduced share count.
Negative
- The repurchase program does not obligate the company to repurchase any specific number of shares.
- The plan can be suspended, modified, or terminated at any time, creating uncertainty for investors.
- No guarantees on the timing or number of shares to be repurchased could affect market perception.
News Market Reaction 1 Alert
On the day this news was published, PWOD declined 1.51%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
WILLIAMSPORT, Pa., May 28, 2024 (GLOBE NEWSWIRE) -- Richard A. Grafmyre, CEO of Penns Woods Bancorp, Inc., (NASDAQ: PWOD) (“Company”) has announced that the Company’s Board of Directors has authorized the repurchase of up to
Repurchases are authorized to be made by the Company from time to time at the prevailing market prices on the open market, in block trades or in privately negotiated transactions as, in management’s opinion, market conditions warrant. The repurchase program does not obligate the Company to purchase any particular number of shares and there can be no assurances as to the number of shares that will be repurchased under the program or the timing of any such repurchases. The program may be suspended, modified, or terminated by the Company at any time and for any reason.
Penns Woods Bancorp, Inc. is the parent company of Jersey Shore State Bank, which operates sixteen branch offices providing financial services in Lycoming, Clinton, Centre, Montour, Union, and Blair Counties, and Luzerne Bank, which operates eight branch offices providing financial services in Luzerne County, and United Insurance Solutions, LLC, which offers insurance products. Investment and insurance products are offered through Jersey Shore State Bank’s subsidiary, The M Group, Inc. D/B/A The Comprehensive Financial Group.
Note: This press release may contain certain “forward-looking statements” including statements concerning plans, objectives, future events or performance and assumptions and other statements, which are statements other than statements of historical fact. The Company cautions readers that the following important factors, among others, may have affected and could in the future affect actual results and could cause actual results for subsequent periods to differ materially from those expressed in any forward-looking statement made by or on behalf of the Company herein: (i) the effect of changes in laws and regulations, including federal and state banking laws and regulations, and the associated costs of compliance with such laws and regulations either currently or in the future as applicable; (ii) the effect of changes in accounting policies and practices, as may be adopted by the regulatory agencies as well as by the Financial Accounting Standards Board, or of changes in the Company’s organization, compensation and benefit plans; (iii) the effect on the Company’s competitive position within its market area of the increasing consolidation within the banking and financial services industries, including the increased competition from larger regional and out-of-state banking organizations as well as non-bank providers of various financial services; (iv) the effect of changes in interest rates; (v) the effects of health emergencies, including the spread of infectious diseases or pandemics; or (vi) the effect of changes in the business cycle and downturns in the local, regional or national economies. For a list of other factors which could affect the Company’s results, see the Company’s filings with the Securities and Exchange Commission, including “Item 1A. Risk Factors,” set forth in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Previous press releases and additional information can be obtained from the Company’s website at www.pwod.com.
| Contact: | Richard A. Grafmyre, Chief Executive Officer | |
| 110 Reynolds Street | ||
| Williamsport, PA 17702 | ||
| 570-322-1111 | e-mail: pwod@pwod.com | |
FAQ
What is the new stock repurchase program by Penns Woods Bancorp (PWOD)?
When does Penns Woods Bancorp's new stock repurchase program end?
How many shares will Penns Woods Bancorp repurchase under the new plan?
Can Penns Woods Bancorp alter or terminate the stock repurchase program?
What types of transactions are included in the Penns Woods Bancorp stock repurchase plan?
